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The property of Lances Garage is worth $90,000. Lance has

 
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The property of Lance's Garage is worth $90,000. Lance has a fire insurance policy of $40,000 that contains an 80 percent coinsurance clause. The insurance company pays on a fire that causes $60,000 damage:

1. $27,777.78
2. $27,777.87
3. $33,333.33
4. $33,334,00
5. None of these

Submitted: 853 days and 10 hours ago.
Category: Homework
Value: $16
Status: CLOSED

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Expert:  Bizhelp replied 853 days and 7 hours ago.

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Expert TypeCPA
Category: Homework
Pos. Feedback: 99.4 %
Accepts: 1844
Answered: 1/7/2011

Experience: Bachelors Degree and CPA with Accounting work experience

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